Whitebark Investors LP

2. Key Holdings The portfolio is anchored by Flutter Entertainment (FLUT), which remains the largest position despite a reduction in stake. Valued at $35.52 million, it accounts for 25.46% of the portfolio. The firm reduced its exposure by 5.2% (selling $6.61 million worth of shares), likely to rebalance or take profits after a period of volatility.

The second and third largest positions, Coupa Inc. (CPNG) and Goosehead Insurance (GSHD), represent 21.29% and 18.09% of the portfolio, respectively. Notably, Whitebark increased its stake in Coupa by 6.2%, adding $3.69 million, signaling continued confidence in the company's fundamentals despite its classification in the cyclical sector. Blend Labs (BLND) holds the fourth spot at 14.56%, and the firm increased this position by 14.7%, adding $4.30 million, indicating a bullish view on the fintech and lending infrastructure space.